Active Stocks: GeoResources, Iconix, Kindred Healthcare, Diebold April 25th

GeoResources, Inc. (NASDAQ:GEOI): Halcn Resources Corporation (NYSE:HK) and GeoResources (NASDAQ:GEOI) announced that they have entered into a definitive merger agreement in which GeoResources will merge into a wholly-owned subsidiary of Halcn Resources in a cash and stock transaction that values GeoResources at approximately $1B, based on the closing price of Halcn Resources common stock on April 24, 2012. Under the terms of the merger agreement, Halcn Resources will acquire all outstanding shares of GeoResources common stock. GeoResources stockholders will receive $20.00 in cash and 1.932 shares of Halcn Resources common stock for each share of GeoResources common stock they hold, representing consideration to GeoResources stockholders of $37.97 per share based on the closing price of Halcn Resources common stock on April 24, 2012. The transaction is subject to the approval of the stockholders of both companies, as well as other customary approvals. The board of directors of each company has unanimously approved the merger agreement, which is subject to customary closing conditions, including approval of listing of the Halcn Resources shares to be issued in the merger on the New York Stock Exchange and regulatory clearance. The companies anticipate completing the transaction in the third quarter of 2012. Shares of GeoResources, Inc. are trading 18.17% higher today.

Iconix Brand Group, Inc. (NASDAQ:ICON): The 2012 guidance revision is primarily related to the continued softness of the men’s brands, specifically Rocawear, Ecko and Ed Hardy, and certain international initiatives that the company no longer expects to complete in 2012. The company is still waiting on government approval for its joint venture in India and therefore the transaction did not close in the first quarter as expected. If it had closed, it would have contributed $5M-6M in revenue or 4c-5c in EPS. However, the company believes this is purely a timing issue and expects the deal to close in the second quarter. Shares of Iconix Brand Group, Inc. are trading 11.22% lower today.

Cray Inc. (NASDAQ:CRAY): Cray announced it signed a definitive agreement to sell its interconnect hardware development program and related intellectual property to Intel Corporation (NASDAQ:INTC) for $140M in cash. Highlights of the agreement include: Cray to receive $140M in cash at closing; Cray will continue to develop, sell and support current product lines, as well as the Company’s next-generation supercomputer code-named “Cascade”; Cray has opportunities to leverage important differentiating features of certain future Intel products; Cray to retain certain rights to use the transferred assets and intellectual property in Cray products; and up to 74 Cray employees will join Intel. The transaction is expected to close relatively quickly, but in any event before the end of the current quarter, subject to customary closing conditions. Cray anticipates that the lower headcount resulting from this transaction will yield cost savings in future periods from what they would have been, with a relatively modest amount of the benefit expected in 2012. Shares of Cray Inc. are trading 27.56% higher today.

Kindred Healthcare, Inc. (NYSE:KND): Avondale upgraded Kindred Healthcare to Outperform from Market Perform. The firm said the Centers for Medicare and Medicaid Services FY13 proposal for long-term acute care hospitals was better than expected. Note Jefferies also upgraded shares today citing the proposal. Shares of Kindred Healthcare, Inc. are trading 20.24% higher today.

Diebold Incorporated (NYSE:DBD): Raises FY12 revenue view to up 7%-10% from previous up 3%-6% versus consensus $2.97B. Shares of Diebold Incorporated are trading 9.39% higher today.

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